As a gift card user, I believe you must have been hearing some of the concepts that one can find in gift card usage. Most of these terminologies may sound unfamiliar and you may not know the meaning. One of such terms that you can find in gift card usage is Gift card BIN.
In this article, we are going to explore everything you need to know about Gift Card BIN. Therefore, in case you do not know anything about it before, all you have to do is to read this article carefully to the end for detailed information.
What is a Gift Card BIN?
A Gift Card BIN is a card exchange platform where gift card exchange services take place.
BINs can be seen on various payment cards, such as credit cards, charge cards, and debit cards, etc. The BIN helps financial institutions identify fraudulent or stolen payment cards and can help prevent identity theft.
Gift Cards BINs allow you to search by discount, store, category, or your own favorites if you create an account.
Advantages of using a Gift Card BIN
The following are the advantages of making use of a BIN for your gift card:
- It has a high customer satisfaction
- There are few impressive discounts
- It has a 100-day guarantee – better than some, but not the best
Disadvantages of using a Gift Card BIN
The following are the disadvantages of using a Gift Card BIN:
- It has a smaller selection of gift cards
- There is no way to sell your unwanted gift card online
- It usually has an unimpressive website design
What Is BIN Number?
Bank Identification Number (“BIN”) or Issuer identification number (“IIN”) is the first six digits of a bank card number or payment card number. Read What is Gift Card Used For.
It is part of ISO/IEC 7812. It is commonly used in credit cards and debit cards, stored-value cards, gift cards, and other similar cards.
A BIN number is used to identify a card issued by a bank or other financial institution. A BINS is a fulcrum that binds the issuer of the card issued to the transactions on the card.
BIN not only identifies the card-issuing institution and its location but also passes the data on to the person involved in the transaction.
It also helps participants in online transactions to verify that information is correctly identified in the event of fraud, stolen cards, or identity theft.
Many merchants, businesses, and consumers rely on credit and debit cards for their daily transactions. However, the increasing popularity of cards also increases the risk of fraud, which can have catastrophic consequences for merchants if chargeback rates rise and profits plummet.
I hope you have seen vital information about Gift Card BIN in this article. In case of any other questions, kindly make use of the comment section below.